Now is the perfect time of year to start thinking ahead. Some of us may have started making plans for summer, whilst others might be more hesitant. Either way taking the time to spring clean your finances can help set you up for a great year. Want to save up some money to book a holiday? Tired of feeling like all your money is going to credit card bills? Read on for our top spring personal finance tips.
Save on interest when you borrow
Sometimes when it comes to big purchases we need a little help. Whether that’s a staycation in the school holidays, sprucing up the garden ready to have finally have friends over, or perhaps it’s time to buy a ring a pop the question. We have a range of loans to suit our members, at rates lower than high street banks, and with no hidden fees. See how our loans compare:
A £2,000 loan paid back over 2 years will cost you*:
- £279.53 with us
- £422.56 with Barclays
- £500.56 with NatWest
- £535.36 with Lloyds bank
And if you work for one of our salary deduction partners, or have money in your savings account, you might get an even better rate.
*Prices checked using online loan calculators on 10 March 2021. Based on London Mutual personal loan at 13.68% APR.
Start saving for a rainy sunny day
With summer on it’s way many of us will be making plans. Over the next couple of months we should be able to start heading outdoors more. Perhaps you want to save some money to make the most of the summer holidays, buy a new bike, or just for some more financial security.
We have savings accounts to suit everyone. When you become a member you automatically get a membership account that you can use to save. We have a Christmas savings account, helping you to save throughout the year for a Christmas treat in December. And, if you work for one of our employer partners you can choose to have a set amount deducted from your salary each month, making it even easier to save.
Check your credit score
It’s important to check in on your credit score regularly. Sometimes simple errors in your record can have an affect on your ability to get credit in the future. Check that you address details are up to date, that you are on the electoral roll at your address, and that the information about an existing accounts you have is accurate. You can check your credit score for free with Experian, Credit Karma, or Clearscore.
When you take out a loan with London Mutual we take into account more than just your credit score, and your application will be looked at by a member of our team, not just a computer. But, they are still an important part of your financial wellbeing. We may be able to offer you a loan if you need to build your credit score. If you keep up the repayments on time, it may help you to borrow at a lower rate in the future.
Have a clear out of expensive debts
Credit cards and some high-street loans can have high interest rates. Combining your debts into one lower cost loan can save you a lot of money on interest.
For example, someone with £2,500 on credit cards at 22.5% APR (UK average) would pay a total of £424.45 in interest over 18 months. With a £2,500 London Mutual Consolidation Loan at 13.68% APR they would only pay £262.83.
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